THE High Court found yesterday that it was incorrect to apply a reduced rateable valuation on property owned by Waterford Crystal in Kilbarry, Waterford, on the basis that the factory buildings were now under-utilised.
The company claimed the property had reduced in value from £17.5 million in 1987 to £9.2 million in 1992.
The Commissioner of Valuation had fixed a rateable valuation of £7,145 on the buildings and in July 1994 the company appealed to the Valuation Tribunal. The appeal was successful and the tribunal reduced the valuation to £5,660.
The Commissioner was dissatisfied with the tribunal's decision and appealed it to the High Court on a point of law.